International - Emerging Market - 360 geography asset class strategy v3

Emerging Markets

Amundi applies an integrated and research led approach to investing in EM, looking across equity and fixed income.

We aim to create alpha and avoid permanent capital impairment in a highly imperfect market via a holistic approach.
To do so, we have embedded risk management and portfolio construction capability with bespoke tools designed around the investment process.

Key figures

Picto - AuM
€39.7 bn of AuM¹
Picto - Counterparties
8 Investment centers¹
Picto - Client
79 Investment professionals¹

A Unique Proposition: Cross Asset Capability in EM

Our approach looks across asset classes in an integrated process to find opportunities.
Source: Amundi Asset Management as of December 2022. For illustrative purposes only, may be subject to change without prior notice.

Investment Approach

Investment Insight Based on Multiple Perspectives

1 - Macro-Economic, Credit and Equity Research

Identification of structural issues, themes, cycles (short and long).
Turning trends into bottom up ideas.

2 - Credit and Equity Research Operating as One Capability

Fusion of fixed income and equity market research incorporating ESG principles.
Analysing capital structure, business fundamentals and market drivers from both fixed income and equity sides offers a unique perspective and deepens our understanding of the companies we invest in.

3 - Risk Management and Portfolio Construction

Conscious risk takers define the optimal risk adjusted return in our portfolios.

4 - Combining Bottom-Up Macro Research with Quantitave Research and Strategy

Integrated investment process looks to position our EM investors ahead of the curve.

Macro analysis

International - Emerging Markets - Macro Analysis


International - Emerging Market - Expertise by Segment - Equity
  • Provides a broad exposure to EM equities, combining a top-down and bottom-up investment approach

  • Identifying the best opportunities in EM with a strong emphasis on qualitative evaluation liquidity and risk management with the ability to tap into small – midcaps and off-benchmark stocks

  • Focus on the strongest cases in the different regions (Asia ex Japan, CEEMEA - including MENA, Latin America) deploying a fundamental approach, with the ability to tap into small – midcaps and off-benchmark stocks and a risk-conscious mind-set


  • Access to countries amongst the fastest growing in the world

  • Economies that are benefiting from growing middle class consumption

Fixed Income

International - Emerging Market - Expertise by Segment - Fixed Income
  • Combines long-term macro views with short-term tactical management to build dynamic EM fixed income asset allocation adapted to “Full Cycle” management

  • Seeks yield enhancement without local currency risk in a truly diversified investment universe (>65 countries) with an appealing risk profile

  • Access local growth and yield, deploying a conservative investment style leveraging on local market expertise to take advantage of inefficiencies

  • Seeks out the best investment opportunities within an emerging corporate bond universe across investment grade and high yield, based on proprietary research capabilities

  • Provides a broad exposure to emerging market bonds with a shorter duration

  • Combines long-term macro views with short-term tactical management to build dynamic asset allocation across the entire fixed income universe of developed and emerging markets

1 Source: Amundi. Platform AUM as at 29th September 2023 and Staff as at 30th November 2023
Information given for illustrative purposes only, may be changed without prior notice.

This information is exclusively intended for “Professional” investors within the meaning of the MiFID Directive 2004/39/EC of 21 April 2004, and articles 314-4 and following of the General Regulations of the AMF. It is not intended for the general public or for non-professional individual investors within the meaning of all local regulations, or for “US Persons”, as defined in the Securities and Exchange Commission’s “Regulation S” under the 1933 U.S. Securities Act.

This non-contractual information does not under any circumstances constitute an offer to buy, a solicitation to sell, or advice to invest in financial instruments of Amundi or one of its affiliates (“Amundi”).

Investing involves risks. The performance of the strategies is not guaranteed. In addition, past performance is not in any way a guarantee or a reliable indicator of current or future performance. Investors may lose all or part of the capital originally invested.

There is no guarantee that ESG considerations will enhance a fund’s investment strategy or performance.

Potential investors are encouraged to consult a professional adviser in order to determine whether such an investment is suitable for their profile and must not base their investment decisions solely on the information contained in this document.

Amundi assumes no liability, either direct or indirect, resulting from the use of any of the information contained in this document, and shall not under any circumstances be held liable for any decisions taken on the basis of this information.

This information may not be copied, reproduced, modified, translated or distributed, without the prior written approval of Amundi, for any third person or entity in any country or jurisdiction which would subject Amundi or any of its products to any registration requirements within these jurisdictions or where this might be considered unlawful. This information is provided to you based on sources that Amundi considers to be reliable, and it may be modified without prior warning.

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